Green’s Dictionary of Slang

old lady white n.

any powdered drug, e.g. cocaine, heroin.

[US]Monteleone Criminal Sl. (rev. edn).
[US]Anslinger & Tompkins Traffic In Narcotics 307: Old Lady White. Drugs, especially cocaine, heroin, or morphine.
[US]J.E. Schmidt Narcotics Lingo and Lore.